Bitcoin miners: China’s cryptocurrency crackdown pushes companies overseas

  • Large bitcoin mining companies are looking at moving to North America and Central Asia after taking advantage of cheap electricity in China
  • Beijing recently announced a new crackdown on bitcoin mining in response to volatile price swings, but the country still accounts for 65 per cent of mining

A bitcoin mining data centre is seen on an oilfield in northern Texas on May 6, 2021. Cryptocurrency mining requires a lot of energy, which has led to much it being concentrated in China, where electricity is cheap. Now an ensuing crackdown is pushing some operators to consider moving to North America. Photo: AFP
Bitcoin miners are looking for workarounds to Beijing’s new cryptocurrency crackdown in China, which accounts for two-thirds of global bitcoin mining, with some going underground or looking at moving operations overseas, possibly to places with much more expensive electricity.

A few big operators have halted China operations and are relocating mining projects to North America or Central Asia. Small miners, sometimes just individuals who keep a few computers humming at home, may choose to keep operating while hoping regulators do not go after them.

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